Mortgages and Security Interests Clause Samples

The 'Mortgages and Security Interests' clause establishes the lender's right to take a security interest in the borrower's property as collateral for a loan. In practice, this means that if the borrower defaults on their obligations, the lender can enforce their rights against the secured property, such as foreclosing on real estate or repossessing other assets. This clause is essential for protecting the lender's interests by providing a legal mechanism to recover the loaned amount in case of non-payment.
Mortgages and Security Interests. There are no mortgages, deeds of trust, security interests or financing statements encumbering the Assets, except to the extent the same relates only to a Permitted Encumbrance.
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Mortgages and Security Interests. (a) Subject to Section 2.1(h) and Section 3.7(b), and the requirement in Section 2.1(f) that all Overriding Royalty Interests be conveyed free and clear of all burdens and Liens other than Permitted Liens, nothing herein shall prevent Grantor or its Affiliates from granting a Lien in any interest of Grantor or any of its Affiliates in any property, including the Subject Interests or any Hydrocarbons. Grantor shall have no right to encumber any Overriding Royalty Interest with any Lien. (b) If Grantor or any of its Affiliates is ever liable for any indebtedness or hedging obligation, Grantor will ensure that (i) with respect to any Lease that is burdened by any Lien or security interest securing such indebtedness or hedging obligation, at least five percent (5%) of Grantor’s rights and interests in such Lease attributable to the Subject Interests is excluded from such lien and security interest and (ii) the terms and conditions of such indebtedness or hedging obligation will not prevent or otherwise restrict Grantor from satisfying its obligations under this Agreement or any Recordable Conveyance and will require any party secured under such arrangement to agree to release its lien or security interest, if any, to the extent required to permit the grant of Overriding Royalty Interest in accordance with the terms hereof.
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Mortgages and Security Interests. The Company represents and warrants that the liens and security interests granted to the Bank pursuant to Section 2.17 of the Agreement, Section 5 of the First Amendment and subsection 8(d) of the Third Amendment, as amended by Section 2 of the Ninth Amendment, shall, except to the extent that such liens and security interests shall have been released, secure, inter alia, the obligations of the Company arising under the Agreement. The obligations of the Company arising pursuant to this Thirteenth Amendment shall constitute "Debt" as defined in:
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Mortgages and Security Interests. All filings, including all applicable UCC-1 filings pursuant to the Code, recordings and other actions deemed necessary or desirable by Lender in order to establish, protect, preserve and perfect (i) the Mortgage as a first naval mortgage on the whole of each Vessel in favor of Lender and Lender’s lien on and security interest in all other Collateral as a valid perfected first priority security interest, (ii) the Collateral Vessel Owners’ Second Mortgage as a second naval mortgage on the whole of each Collateral Vessel in favor of Lender and Lender’s lien on and security interest in all other collateral securing the Collateral Vessel Owners’ Guaranty as a valid perfected second priority security interest, shall all have been duly effected, including, without limitation, the filing of financing statements and the filing and recordation of the Mortgages and the Collateral Vessel Owners’ Mortgages and all other actions required to perfect Lender’s security interest in the Collateral, all in form and substance satisfactory to Lender, and all fees, taxes and other charges relating to such filings and recordings shall have been paid by the Debtors. Lender shall have received UCC-3 releases or other documents satisfactory to Lender from such Persons as Lender shall deem necessary or desirable to evidence the release of any liens such Person may have on the Collateral.
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Mortgages and Security Interests. Schedule 6.01(o) sets forth a list of all mortgages, deeds of trust, security interests and financing statements encumbering the Asset in connection with such Individual Seller's credit facilities, which mortgages, deeds of trust, security interests and financing statements will be released and/or terminated at Closing.
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Mortgages and Security Interests. All filings, including all applicable UCC-1 filings pursuant to the Code, recordings and other actions deemed necessary or desirable by Lender in order to establish, protect, preserve and perfect the Mortgage as a first naval mortgage on the whole of each Vessel in favor of Lender and Lender's lien on and security interest in all other Collateral as a valid perfected first priority security interest shall have been duly effected, including, without limitation, the filing of financing statements and the filing and recordation of the Mortgages and all other actions required to perfect Lender's security interest in the Collateral, all in form and substance satisfactory to Lender, and all fees, taxes and other charges relating to such filings and recordings shall have been paid by the Debtors. Lender shall have received UCC-3 releases or other documents satisfactory to Lender from such Persons as Lender shall deem necessary or desirable to evidence the release of any liens such Person may have on the Collateral.
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Mortgages and Security Interests. This Lease is subject and subordinate to (i) all ground or underlying leases and the lien of any present and future mortgages and security interests of any lender of Master Landlord, now and hereafter in force against the Premises and to all renewals, modifications, consolidations, replacements and extensions of such mortgages or security interests and to all advances made or hereafter to be made upon the security of such mortgages and security interests and (ii) all things to which the Master Lease is subject, subject in each case to the terms and conditions of the Master Lease. Landlord hereby agrees that in no event shall Landlord be permitted to grant a mortgage lien on or otherwise encumber with a security interest its interest in the Master Lease.
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Mortgages and Security Interests. When executed and delivered, and, if necessary under applicable laws, recorded, the Mortgages will create valid mortgage, deed of trust, or similar Liens upon the Mortgaged Properties, the Land underlying them (which, in the case of Land leased under a Third Party Ground Lease, will be a Lien on the Borrower's leasehold interest in the Land, in all other cases, will be a Lien on the Borrower's or Marriott Ground Lessor's, as applicable, fee simple interest in the Land and, in the case of Land leased under a Marriott Ground Lease, will also be a Lien on the Borrower's leasehold interest in the Land), and the Improvements and valid security interests in the fixtures located thereon, and the Mortgages and accompanying financing statements (if any) will be recorded and filed in such places as may be required and, where appropriate, applicable mortgage, transfer, recording and UCC taxes and fees will be paid, such that the Mortgages will constitute valid first priority mortgage, deed of trust, or similar Liens on the Land and Mortgaged Properties and will create valid perfected first priority security interests of record with respect to the respective Mortgaged Property and related Collateral (except Collateral as to which a security interest cannot be created and perfected by a Mortgage or the filing of a financing statement under the U.C.C.), subject only to the Permitted Liens. When executed and delivered, and, if necessary under applicable laws, when appropriate filings of financing statements are made, the Security Agreement by and between the Borrower and the Lender will create valid first priority security interests with respect to the Collateral named therein, which security interests shall be perfected to the extent that security interests in such Collateral can be perfected by the filing of a financing statement under the U.C.C.
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Mortgages and Security Interests 
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Related to Mortgages and Security Interests

  • Liens and Security Interests Each party grants to the other parties hereto a lien upon any interest it now owns or hereafter acquires in the Oil and Gas Interests in the Contract Area, and a security interest and/or purchase money security interest in any interest it now owns or hereafter acquires in the personal property and fixtures on or used or obtained for use in connection therewith, to secure performance of all of its obligations under this Agreement including but not limited to payment of expense, interest and fees, the proper disbursement of all monies paid hereunder, the assignment or relinquishment of interest in Oil and Gas Leases as required hereunder, and the proper performance of operations hereunder. Such lien and security interest granted by each party hereto shall include such party’s leasehold interests, working interests, operating rights, and royalty and overriding royalty interests in the Contract Area now owned or hereafter acquired and in lands pooled or unitized therewith or otherwise becoming subject to this Agreement, the Oil and Gas when extracted therefrom and equipment situated thereon or used or obtained for use in connection therewith (including, without limitation, all ▇▇▇▇▇, tools, and tubular goods), and accounts (including, without limitation, accounts arising from gas imbalances or from the sale of Oil and/or Gas at the wellhead), contract rights, inventory and general intangibles relating thereto or arising therefrom, and all proceeds and products of the foregoing. To perfect the lien and security agreement provided herein, each party hereto shall execute and acknowledge the recording supplement and/or any financing statement prepared and submitted by an party hereto in conjunction herewith or at any time following execution hereof, and Operator is authorized to file this Agreement or the recording supplement executed herewith as a lien or mortgage in the applicable real estate records and as a financing statement with the proper officer under the Uniform Commercial Code in the state in which the Contract Area is situated and such other states as Operator shall deem appropriate to perfect the security interest granted hereunder. Any party may file this Agreement, the recording supplement executed herewith, or such other documents as it deems necessary as a lien or mortgage in the applicable real estate records and/or a financing statement with the proper officer under the Uniform Commercial Code. Each party represents and warrants to the other parties hereto that the lien and security interest granted by such party to the other parties shall be a first and prior lien (except as to the liens granted by AE in favor of Citibank, N.A., and each party hereby agrees to maintain the priority of said lien and security interest against all persons acquiring an interest in Oil and Gas Leases and Interests covered by this Agreement by, through or under such party. All parties acquiring an interest in Oil and Gas Leases and Oil and Gas Interests covered by this Agreement, whether by assignment, merger, mortgage, operation of law, or otherwise, shall be deemed to have taken subject to the lien and security interest granted by this Article VII.B. as to all obligations attributable to such interest hereunder whether or not such obligations arise before or after such interest is acquired. To the extent that parties have a security interest under the Uniform Commercial Code of the state in which the Contract Area is situated, they shall be entitled to exercise the rights and remedies of a secured party under the Code. The bringing of a suit and the obtaining of judgment by a party for the secured indebtedness shall not be deemed an election of remedies or otherwise affect the lien rights or security interest as security for the payment thereof. In addition, upon default by any party in the payment of its share of expenses, interest or fees, or upon the improper use of funds by the Operator, the other parties shall have the right, without prejudice to other rights or remedies, to collect from the purchaser the proceeds from the sale of such defaulting party’s share of Oil and Gas until the amount owed by such party, plus interest as provided in “Exhibit C,” has been received, and shall have the right offset the amount owed against the proceeds from the sale of such defaulting party’s share of Oil and Gas. All purchasers of production may rely on a notification of default from the non-defaulting party or parties stating the amount due as result of the default, and all parties waive any recourse available against purchasers for releasing production proceeds as provided in this paragraph. If any party fails to pay its share of cost within one hundred twenty (120) days after rendition of a statement therefore by Operator, the non-defaulting parties may, but shall have no obligation to do so, upon request by Operator, pay the unpaid amount in the proportion that the interest of each such party bears to the interest of all such parties. Any amount paid by a party so paying its share of the unpaid amount shall be secured by the liens and security rights described in Article VII.B., and each paying party may independently pursue any remedy available hereunder or otherwise. If any party does not perform all of its obligations hereunder, and the failure to perform subjects such party to foreclosure or execution proceedings pursuant to the provisions of this Agreement, to the extent allowed by governing law, the defaulting party waives any available right of redemption from and after the date of judgment, any required valuation or appraisement of the mortgaged or secured property prior to sale, any available right to stay execution or to require a marshalling of assets and any required bond in the event a receiver is appointed. In addition, to the extent permitted by applicable law, each party hereby grants to the other parties a power of sale as to any property that is subject to the lien and security rights granted hereunder, such power to be exercised in the manner provided by applicable law or otherwise in a commercially reasonable manner and upon reasonable notice. Each party agrees that the other parties shall be entitled to utilized the provisions of Oil and Gas lien law or other lien law of any state in which the Contract Area is situated to enforce the obligations of each party hereunder. Without limiting the generality of the foregoing, to the extent permitted by applicable law, Non-Operators agree that Operator may invoke or utilize the mechanics’ or materialman’s lien law of the state in which the Contract Area is situated in order to secure the payment to Operator of any sum due hereunder for services performed or materials supplied by Operator.

  • Security Interests The Seller has not authorized the filing of and is not aware of any financing statements against the Seller that includes a description of collateral covering any Receivable other than any financing statement relating to security interests granted under the Transaction Documents or that have been or, prior to the assignment of such Receivables hereunder, will be terminated, amended or released. This Agreement creates a valid and continuing security interest in the Receivables (other than the Related Security with respect thereto, to the extent that an ownership interest therein cannot be perfected by the filing of a financing statement) in favor of the Issuer which security interest is prior to all other Liens (other than Permitted Liens) and is enforceable as such against all other creditors of and purchasers and assignees from the Seller.

  • Valid Security Interest This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Sold Property in favor of the Issuer, which is prior to all other Liens, other than Permitted Liens, and is enforceable against creditors of and purchasers from the Depositor.

  • The Security Interests (a) In order to secure the full and punctual payment of the Secured Obligations in accordance with the terms thereof, and to secure the performance of all of the obligations of the Company hereunder and under the other Loan Documents, the Company hereby pledges, hypothecates, assigns by way of security, transfers and grants to the Collateral Agent for the ratable benefit of the Secured Parties a continuing security interest in and to all right, title and interest of the Company in and to the following property, whether now owned or existing or hereafter acquired or arising and regardless of where located (all being collectively referred to as the "Collateral"): (i) Accounts; (ii) Inventory; (iii) General Intangibles; (iv) Documents; (v) Instruments; (vi) Equipment; (vii) Investment Property; (viii) Deposit Accounts; (ix) The Collateral Account, all cash deposited therein from time to time, the Liquid Investments made pursuant to Section 5(e) and other monies and property of any kind of the Company in the possession or under the control of the Collateral Agent; (x) All books and records (including, without limitation, customer lists, marketing information, credit files, price lists, operating records, vendor and supplier price lists, sales literature, computer programs, printouts and other computer materials and records) of the Company pertaining to any of the Collateral; (xi) All Proceeds of, attachments or accessions to, or substitutions for, all or any of the Collateral described in clauses (i) through (x) hereof; PROVIDED, HOWEVER, the Collateral shall not include any Excluded Contracts. (b) The Security Interests are granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or transfer or in any way affect or modify, any obligation or liability of the Company with respect to any of the Collateral or any transaction in connection therewith. (c) Notwithstanding anything herein or in the other Loan Documents to the contrary, to the extent this Agreement or any other Security Document purports to grant to the Collateral Agent a Lien in any License held directly or indirectly by the Company, the Borrower or any of the Borrower's subsidiaries, now owned or hereafter acquired, the Collateral Agent shall only have a Lien in such Licenses at such times and to the extent that a Lien in such Licenses is permitted under applicable law; PROVIDED, that any such Lien shall to the extent permitted by applicable law be deemed effective as of the later of (i) the Effective Date or (ii) the date on which the Company was assigned, or acquired control over, the applicable License.

  • Credit Union Lien and Security Interest To the extent you owe the Credit Union money as a borrower, guarantor, indorser or otherwise, the Credit Union has a lien on any or all of the funds in any account in which you have an ownership interest at the Credit Union, regardless of the source of the funds. The Credit Union may apply these funds in any order to pay off your indebtedness without further notice to you. If the Credit Union chooses not to enforce its lien, the Credit Union does not waive its right to enforce the lien at a later time. In addition, you grant the Credit Union a consensual security interest in your accounts and agree the Credit Union may use the funds from your accounts to pay any debt or amount owed the Credit Union, except obligations secured by your dwelling, unless prohibited by applicable law. All accounts are nonassignable and nontransferable to third parties.